Sprott gold and silver trust hits record $47.33

Sprott Physical Gold and Silver Trust’s U.S.-listed units finished May 22 at $47.33, according to Sprott’s fund page, the same price cited in a May 24 Investing.com market brief. The move put fresh attention on one of the larger exchange-traded precious-metals vehicles in North America, even though Sprott’s own data show the trust’s net asset value remained higher than the trading price. As of May 22, Sprott listed net asset value at $49.67 per unit and total net asset value at about $9.13 billion. The trust trades on NYSE Arca under the ticker CEF and also has Toronto listings. ### What exactly is this trust holding? The Sprott Physical Gold and Silver Trust says it invests and holds substantially all of its assets in physical gold and silver bullion. Sprott’s fund page describes the vehicle as a closed-end trust created to give investors exchange-traded exposure to bullion without direct handling, storage or transport of bars. The page lists the Royal Canadian Mint as bullion custodian, Sprott Asset Management LP as manager, RBC Investor Services as trustee and KPMG as auditor. (sprott.com) As of May 22, Sprott reported the trust held 1,188,368 ounces of gold and 49,741,304 ounces of silver. Sprott also listed the market value of the gold and silver held by the trust at $9.12 billion. Those figures matter because CEF is not an operating company with earnings or product sales; its price is tied mainly to the value of the metal it owns and to how investors price the units relative to that underlying asset base. (sprott.com) ### Why does a $47.33 price not match the trust’s asset value? Sprott’s May 22 data show a market price of $47.33 against a net asset value of $49.67, which left the units trading at a 4.70% discount. Closed-end funds and trusts can trade above or below the value of their underlying holdings because investors buy and sell the units in the market rather than creating and redeeming shares continuously as in many exchange-traded funds. (sprott.com) Sprott publishes the premium-or-discount figure each day on the fund page. The same page shows the trust’s historical premium-discount range since inception running from a 1.39% premium to a 6.42% discount. That means a record or near-record market price does not necessarily imply the vehicle is trading at its richest valuation relative to bullion. It can simply reflect higher gold and silver prices lifting the value of the trust’s holdings while the units still trade below net asset value. (sprott.com) ### How old is the vehicle, and where are its filings? Sprott lists January 16, 2018, as the trust’s inception date. The fund page identifies the issuer as Sprott Physical Gold and Silver Trust and labels the product a closed-end trust. A March 13, 2026 filing on the U.S. Securities and Exchange Commission’s EDGAR system shows the trust filed its annual report on Form 40-F for the period ended December 31, 2025. (sprott.com) The SEC index page lists an annual information form and audited financial statements among the filing documents. ### Where can investors track the next move? (sprott.com) Sprott’s fund page says daily pricing data were last updated at 6:00 p.m. EST on Friday, May 22, 2026. The same page provides the next reference points investors typically watch: daily net asset value per unit, previous market close, premium or discount, units outstanding and the trust’s reported gold and silver ounces. Sprott also maintains a financial reports page with first-quarter 2026 and 2025 annual materials for CEF. (sec.gov)